Hi, what are you looking for?
The global composites market size was estimated at USD 86.4 billion in 2020 and is expected to reach USD 144.5 billion by 2028 with CAGR of 6.6% during the forecast period.
Increasing demand for performance materials in various industries such as automotive & transportation, wind energy, and aerospace and defense is expected to drive the market over the forecast period. The ongoing COVID-19 outburst across the globe has significantly impacted the supply chains as major economies suspended the trade operations. Moreover, demand for composites across various end-use industries such as aerospace, automotive, and construction has been reduced. However, with the ease of trade restrictions, the situation is expected to recover in 2021, which will restore the growth trajectory of the market.
Gather more insights about the market drivers, restrains and growth of the Global Composites Market
High cost of raw materials for composites is likely to challenge procurement operations by the component manufacturers. However, increased disposable income and readiness to spend more on superior products are expected to influence the market growth positively over the forecast period.
In the U.S., the demand for composites is primarily driven by the increasing demand for lightweight materials in the automotive industry. Rising electrical & electronics capacity additions and steady growth in the automotive and aerospace sectors are the factors that are expected to augment the market growth over the forecast period.
The high weight-to-strength ratio has been the key factor behind the increased usage of composite materials in various end-use industries. Superior properties of composites such as design flexibility, corrosion resistance, high performance at elevated temperatures reduce the threat of substitutes.
The market is competitive with a few key players holding a majority of the market share. Their expertise in R&D makes it difficult for the new entrants to operate profitably in the market. However, with the development of products in specific applications to enhance the output of composites is expected to augment the potential market opportunity. As a result, the industry rivalry is expected to remain high over the forecast period.
Based on the Product Insights the market is segmented into Carbon Fiber, Glass Fiber and other.
Based on the Manufacturing Process Insights the market is segmented into layup process, filament winding process, injection molding process, pultrusion process, compression molding process, resin transfer molding process, and others
Based on the End-use Insights the market is segmented into Automotive & Transportation, Electrical & Electronics, Wind Energy, Construction & Infrastructure , Pipes & Tanks Marine and Others
Based on the Regional Insights the market is segmented into North America, Europe, and Asia Pacific, Middle East & Africa, Central & South America
The product launch with advanced features and customized product offerings is likely to strengthen the position of the industry players.
Some of the prominent players in the composites market include:
Order a free sample PDF of the Composites Market Intelligence Study, published by Grand View Research.
Grand View Research is a full-time market research and consulting company registered in San Francisco, California. The company fully offers market reports, both customized and syndicates, based on intense data analysis. It also offers consulting services to business communities and academic institutions and helps them understand the global and business scenario to a significant extent. The company operates across multitude of domains such as Chemicals, Materials, Food and Beverages, Consumer Goods, Healthcare, and Information Technology to offer consulting services.
Web: https://www.grandviewresearch.com/
Media Contact Company Name: Grand View Research, Inc. Contact Person: Sherry James, Corporate Sales Specialist – U.S.A. Email: Send Email Phone: 1888202951 Address:Grand View Research, Inc. 201 Spear Street 1100 San Francisco, CA 94105, United States City: San Francisco State: California Country: United States Website: https://www.grandviewresearch.com/industry-analysis/composites-market
Russia is accused of taking tens of thousands of Ukrainians onto territory it controls and of other war crimes - Copyright POOL/AFP Kay NietfeldHere...
A picture taken on January 24, 2022 shows Abu Dhabi, capital of the UAE. — © AFP Anatolii STEPANOVShatha YAISHThe United Arab Emirates’ President...
US Defense Secretary Lloyd Austin urged an immediate ceasefire in Ukraine Friday in talks with Russian Defense Minister Sergei Shoigu.
But poor planning, high casualties and low morale have once again dashed Russian hopes for a quick win, experts say.
COPYRIGHT © 1998 - 2022 DIGITAL JOURNAL INC. Digital Journal is not responsible for the content of external sites. Read more about our external linking.